City giants unite on £140m prisons PFI deal
Deal Week reports
February 26, 2003 at 07:03 PM
2 minute read
A host of top City law firms have combined to close a £140m private finance initiative (PFI) deal for two new prisons to be built in Middlesex and Cambridgeshire.
Freshfields Bruckhaus Deringer finance partner Roger McCormack advised HM Prison Service on the deal.
Norton Rose banking and PFI partner David Coulter acted for senior lender The Royal Bank of Scotland (RBS), and Ashurst Morris Crisp advised the borrower and the sponsors.
Ashursts projects group senior assistant Cameron Smith led the team advising the consortium of Interserve, Sodexho Alliance and RBS. The first two companies are established Ashursts clients in this sector.
The City firm advised the Interserve and Sodexho alliance on HM Prison Forest Bank, near Manchester, and Harmondsworth Immigration Centre – valued at £55m and £60m respectively.
Pinsent Curtis Biddle property assistant Kate Peacock advised UK Detention Services which will operate the two new prisons, and Michelmores property assistant Philip Page advised the prison service on property issues.
Norton Rose's Coulter said: "The two prisons will provide approximately 1,300 prisoner places when completed in 2004 and 2005 respectively, which will help relieve the current chronic shortage of prisoner places in the UK."
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